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Corporate Crime & Compliance UK
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Featured
FCA's Investigation Regime May Tarnish Unnamed Individuals
Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion putting them at risk of losing their jobs.
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May 01, 2024
Autonomy CEO's Atty Says Judge 'One-Sided' Against Client
A Steptoe LLP partner representing former Autonomy CEO Michael Lynch in his criminal fraud jury trial accused the judge overseeing the case of making comments to the jury that are "one-sided" in a way that prejudices the defense.
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May 01, 2024
Teacher Argues Ban Over Pronoun Use Violates Human Rights
A teacher banned from the profession for misgendering a transgender pupil argued Wednesday that the prohibition unjustifiably interfered with his rights as a Christian.
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May 01, 2024
FCA Opposes Paying Ex-Julius Baer Manager's Legal Costs
The U.K.'s Financial Conduct Authority urged a London appellate court Wednesday to overturn a tribunal's decision to make it pay part of a former Julius Baer employee's legal costs, saying the tribunal unfairly ruled that the FCA had unreasonably not called witnesses who were overseas.
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May 01, 2024
Pension Scam Group's Future Hit By Lack Of Volunteers
A voluntary body that works against pensions scams said on Wednesday that it is considering winding up its operations and is concerned that a fall in volunteer numbers might jeopardize its effectiveness.
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May 01, 2024
Ex-Cartwright King Lawyer Denies Post Office Stalling Tactic
A former Cartwright King lawyer who prosecuted people for the Post Office based on faulty IT data denied there was a "tactic" to delay the disclosure of vital evidence to the defense, as he gave evidence to the inquiry into the Horizon scandal on Wednesday.
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May 01, 2024
Boris Becker Gets UK Bankruptcy Order Lifted
Boris Becker is no longer bankrupt after a London court released the multiple Grand Slam tennis champion on Wednesday from any further liability arising from his bankruptcy debt in the U.K.
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May 01, 2024
SFO Needs Urgent Funding Plan, Disclosure Review Warns
The Serious Fraud Office "urgently" needs a long-term funding strategy if it is to compete to keep experienced staff, the U.K. prosecution watchdog has warned, although it said the agency has improved its practice on disclosure in investigations.
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April 30, 2024
Ex-Autonomy VP Says CEO Lynch Told Him To Lie To Investors
A former Autonomy business development executive testified Tuesday that CEO Mike Lynch directed him to lie to a hedge fund investor about prepaid royalty deals that boosted the company's upfront revenue numbers, saying at Lynch's criminal fraud trial that it was hard to say no to the "big boss."
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April 30, 2024
Cartwright King Warned Post Office Of Giving Defense Ammo
A Cartwright King lawyer warned that the Post Office announcing an independent review into the IT system used to wrongfully prosecute innocent people would "give ammunition" to the defense, according to documents disclosed to the inquiry into the scandal Tuesday.
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April 30, 2024
German Banker Gets 3 Years For €93M Cum-Ex Tax Evasion
A German court on Tuesday sentenced a former bank board member to three years and two months in prison for his part in a €93.4 million ($100 million) so-called cum-ex dividend tax fraud.
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April 30, 2024
Oil Co. Claims Nigeria In For Windfall From $11B Win Legal Bill
An oil and gas company urged a London appellate court on Tuesday to change the currency for Nigeria's legal costs from a battle over an $11 billion arbitration award due to bribery and fraud, arguing the West African state would profit from exchange rate fluctuations.
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April 30, 2024
Deliveroo, Uber Eats Commit To Extra Illegal Working Checks
Food delivery giants Deliveroo, Just Eat and Uber Eats have agreed to extra security checks to stop delivery drivers from sharing their accounts in a bid to crack down on drivers working illegally, the U.K. government announced Tuesday.
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April 30, 2024
EU Banking Watchdog Warns Of New Payment Scams
The European Union's banking watchdog has warned of the emergence of new forms of payment scams facing consumers and proposed new measures to "future proof" the bloc's anti-fraud rules in an opinion published Tuesday.
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April 30, 2024
Insurers Warn Of 'Irreparable Damage' From FCA's New Rules
An association of insurers in the U.K. warned the country's financial regulator Tuesday that its new proposal to name the firms it probes and publish information about investigations at an earlier stage will cause more harm than good.
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April 30, 2024
Tesco Sues Truckmaker Over Emissions Price Fixing Cartel
Supermarket giant Tesco is seeking damages from Scania after the Swedish truck manufacturer was fined by the European Commission over its role in a price-fixing cartel, according to a claim filed with the U.K.'s antitrust court Tuesday.
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April 30, 2024
Ex-DWF Barrister Disbarred Over False Discrimination Claims
A tribunal disbarred a formed DWF barrister on Tuesday after concluding that he had dishonestly targeted his boss with false allegations of homophobia and racism, possibly to deflect attention from complaints of misconduct made against him.
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April 29, 2024
'I Don't Want To Try That Case,' Judge Tells Mike Lynch's Atty
The California federal judge overseeing Autonomy founder Michael Lynch's fraud trial over claims he duped HP into paying an inflated $11.7 billion for his company pushed back Monday against an attempt by Lynch's lawyer to introduce evidence of events that took place after the acquisition, saying, "I don't want to try that case."
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April 29, 2024
Meta Can't Appeal Approval Of £2.3B Data Class Action
Meta was blocked on Monday from challenging a decision by the Competition Appeal Tribunal to allow a £2.3 billion ($2.8 billion) class action accusing the Facebook owner of exploiting its users' data, after the court found the appeal had "no real prospect of success."
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April 29, 2024
DWF Barrister Made False Discrimination Claims, BSB Says
A former DWF LLP barrister is facing disciplinary action over allegations that he dishonestly and deliberately targeted his boss with false accusations of homophobia and racism.
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April 29, 2024
Fugitive Money Launderer Forfeits Auerbach Painting, Gold
A painting estimated to be worth £1.6 million ($2 million) and gold bars have been taken from a convicted money launderer after the National Crime Agency succeeded in a bid to have them forfeited at a London court Monday.
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April 29, 2024
Trade Bodies Want Gov't Action Over 'Damaging' FCA Rules
A group of 16 financial services trade bodies has called on HM Treasury to intervene over recent Financial Conduct Authority proposals to name companies under investigation, saying the plans could have "damaging consequences" for the U.K.
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April 30, 2024
CORRECTED: Marketing Boss Said LC&F Was A Legitimate Biz, Not A 'Rinse'
The head of a marketing company who referred to London Capital & Finance as a "not a rinse" insisted he was not aware of an alleged Ponzi scheme as he gave evidence on Monday at the trial over the £237 million ($296 million) investment scandal. Correction: An earlier version of the story misstated the content of Careless' 2015 email exchange. The error has been corrected.
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April 29, 2024
Ex-Man City Player Benjamin Mendy Pays £710K Tax Debt
Former Manchester City footballer Benjamin Mendy avoided bankruptcy on Monday after paying a £710,000 ($892,000) tax bill minutes before a court hearing to determine whether an order should be made.
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April 29, 2024
Russia Sanctions Creating 'Shadow Fleet,' Insurers Warn
The increasing compliance burdens that come from a price cap on Russian oil has led to the exodus of 800 tankers from the Western insurance market, a trade association has warned.
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April 29, 2024
FCA To Get Extra Data To Police Consumer Credit Lending
The City watchdog set out on Monday final rules that will require consumer credit lenders to give it more detailed data, enabling it to act against problem companies.
Editor's Picks
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Authorities May Feel The Sting From Loser Pays Ruling
The U.K. Supreme Court opened the door to public authorities being forced to pay defendants' costs from failed enforcement actions, but attorneys say it is too soon to know whether that risk will deter agencies from bringing cutting-edge cases.
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7 Questions For Steptoe & Johnson's Zoe Osborne
Steptoe & Johnson LLP's Zoe Osborne talks to Law360 about the rise of deferred prosecution agreements, leaving the world of Magic Circle firms and the challenges of being a woman in the male-dominated white collar world.
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7 Questions With Cohen & Gresser's John Gibson
Cohen & Gresser LLP's U.K. white collar chief John Gibson talks to Law360 about building a new team, his experience at the country's top fraud prosecutor, and where he expects the watchdog to turn its sights next.
Expert Analysis
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How Cos. Can Prepare For EU's Forced Labor Regulation
Before a new European Union regulation takes effect banning products made with forced labor from the internal market, economic operators will need to get their supply chain compliance functions ready, familiarizing themselves with international standards and case law, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Pharma Remains A Key Focus Of EU Antitrust Enforcement
The recently published European Commission report on pharmaceutical sector competition law illustrates that effective enforcement of EU rules remains a matter of high priority for EU and national authorities, say lawyers at Dechert.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What UK Energy Charter Treaty Exit Would Mean For Investors
While the U.K.'s recent announcement that it intends to withdraw from the Energy Charter Treaty is a bold political signal, investor protections will remain in place for a significant period of time, ensuring that an element of certainty and business continuity will remain, say Karel Daele and Jessica Thomas at Taylor Wessing.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Uber Payout Offers Employer Lessons On Mitigating Bias
Uber Eats' recent payout to a driver over allegations that the company's facial recognition software was discriminatory sheds light on bias in AI, and offers guidance for employers on how to avoid harming employees through the use of such technology, says Rachel Rigg at Fieldfisher.
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Apple Ruling Offers Morsel Of Certainty On Litigation Funding
An English court's recent decision in Gutmann v. Apple, finding that a litigation funder could be paid via a damages award, offers a piece of guidance on the permissibility of such agreement terms amid the ongoing uncertainty around funded group litigation in the U.K., says Mohsin Patel at Factor Risk Management.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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Companies House False Filings Raise Issues Of Integrity
A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.
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Gov't Probe Highlights Computer-Based Evidence Issues
A recently launched U.K. Home Office probe, following the alleged use of faulty data in criminal cases, illuminates the need for scrutiny on the presumed reliability of evidence from computer-based systems, says Jessica Sobey at Stokoe Partnership.